Unilever MD, Executive Director Resign

Unilever Ghana has announced the resignation of its Managing Director, Gladys Amoah, effective November 30 this year.

Also, Yaw Nsarkoh, who is a Non-Executive Director has left the company on November 30, an email sighted by JoyNews confirmed.

In August this year, the country’s largest producer of consumer goods listed the banking sector reforms as a key factor in low sales of its products.

Unilever Ghana Limited disclosed in an email that “many distributors were finding it increasingly difficult trading.”

The email noted the “economic climate in Ghana has seen a slow-down especially in trading conditions particularly after the banking sector reforms which began in Q4 2018.”

The reforms began in August 2017 when the Bank of Ghana revoked the licences of two banks. A year later, five more banks collapsed.

Unilever Ghana also noted the business was experiencing “a more subdued consumer demand”.

The company said the subdued consumer demand together with the reforms, has seen the company’s distributors posting “unusually high inventory levels.”

The company said it was bracing for a “considerably lower than planned” turnover in its outlook for the rest of 2019.

In reaction, the company said it has decided to “reset the levels of stock held by distributors over the coming months.”

---Myjoyonline